Clampdown on 'vulture' speculators

Senator Alan Maclean insisted that Jersey was no supporter of so-called vulture funds.

The funds buy up millions of pounds of third-world debt at a fraction of their value and then use courts in jurisdictions like Jersey to make the countries pay up.

They come to Jersey to get their hands on money held in the Island by the countries and are accused of forcing them to pay back far more than the price paid for the debt.

The minister sought to defend the Island’s reputation today as it came under mounting pressure to stop Jersey courts being used by the fund speculators.